Condo prices all across Boston are skyrocketing as the spring market kicks off. Urban areas, from upscale to affordable, are leading the charge.
Somerville, Jamaica Plain and increasingly upscale Charlestown saw some of the biggest increases as did Brighton, Medford and West Roxbury.
And it’s not just rent prices that are on the rise. Sales are up by double digits in the same areas as well. The median condo price in Massachusetts went up 10% in March, clocking in at $320,000 which is more than the median price of a single-family home ($315,000).
While the average price for a single-family has dropped, the influx of luxury units into the Boston market have had an immediate effect on the market. The impact pushed Boston condo prices up 6% to $782,000.
Somerville, Jamaica Plain and Charlestown have seen their share of luxury condo construction and conversions which led to large price jumps as well.
Somerville 34% to $600,000, JP jumped 11% to $460,000 and Charleston prices surged 20% to $670,000.
Modestly priced single-family “first-time buyer homes” are hard to come by in the Boston area leaving an opening for condos to sweep in as the new option for first-time buyers.